10th October 2017
Lasting Powers of Attorney: more applications but, an alert about fraud
There has been a 30% rise in the number of Lasting Power Attorney applications for registration received between April and June compared to the same period in 2016.
This increase is driven in part, by a growing awareness of the attractions of Lasting Powers of Attorney as opposed to, say, a Deputyship Application once a person has lost mental capacity. The introduction of the on-line application has also increased accessibility. However, this increase in accessibility comes at a significant cost.
The recent paper from the Financial Conduct Authority, suggested that a Lasting Power of Attorney should be possible to grant on-line and they should not require a wet ink signature of the donor, a witness to that signature, or the presence of a Certificate Provider. All of these checks and balances, when used in an intelligent manner, can provide protection against inappropriate Attorneys being appointed through a mistake, fraud or undue influence who may then use the document improperly or commit fraud. That is not to say that the wet ink signature version is entirely safe because no system is. Fraudsters are usually sophisticated when it comes to how such fraud is ‘stage managed’. Even the use of a professional such as a solicitor experienced in elderly client matters, is not total proof against the more sophisticated fraudster who may well put on a very good front with the aged victim. That having been said, solicitors who commonly act in the elderly client practice area, do have the experience to spot many such attempts. Accordingly, the additional costs which come from using a professional, are perhaps small change in comparison to the financial risks should an unsuitable Attorney assist an elderly person in making a Lasting Power of Attorney and then use it inappropriately, with potentially costly consequences, such as significant bank account withdrawals and even the sale of property.
For more details and to book your appointment to discuss Lasting Powers of Attorney and your own circumstances and how we can help you, contact:
Tunbridge Wells Office: Lucy Head on Tel: 01892 502 372 or email lhead@bussmurton.co.uk
East Grinstead Office: Kristy Underwood on Tel: 01892 502 312 kunderwood@bussmurton.co.uk
Cranbrook Office: Kerry Carter on Tel: 01892 502 304 kcarter@bussmurton.co.uk
Dartford Office: Noleen Mair on Tel: 01892 502 307 nmair@bussmurton.co.uk
Edward Walter
Partner
Solicitor
Private Client
Office : Hello world!
01892 502 320ewalter@bussmurton.co.uk
Profile
Edward is a Partner in the Private Client Department. He started practising Private Client Law in 2000, initially as a solicitor in a well-known firm in Tonbridge and thereafter with several well-known East Sussex firms before joining Buss Murton in July 2014. Edward became a Partner in 2015.
He advises and acts on all aspects of Inheritance tax planning and Capital Gains tax planning. He also acts in Probate administration matters and post death Variations for Inheritance tax and Capital Gains tax purposes. He also regularly advises clients regarding the making of their Wills, Powers of Attorney, Lasting Powers of Attorney, Declarations of Trust with respect to client’s properties.
He undertakes the full range of advice and work with respect to Trusts and advises on associated tax implications of those actions. He also advises generally on (tax) domicile and residence issues.
He regularly advises and acts on the registration of Lasting and Enduring Powers of Attorney, the making of Statutory Wills and gift applications at the Court of Protection.
Expertise
Inheritance Tax Planning
Capital Gains Tax Planning
Wills
Probate and estate administration
Lasting Powers of Attorney
Declarations of Trust
Court of Protection
Estate Planning
Taxation advice
Succession strategies
Residence and domicile matters
Trusts
Alternative Contact:
Emily Luker
01892 502 346
eluker@bussmurton.co.uk
Beth Ahsunollah
01892 502 348
bahsunollah@bussmurton.co.uk
LinkedIn Profile
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